Title

Attorney General No.

SA83RF0029

Secretary of State No.

339

Description

PHASE OUT OF LOCAL RENT CONTROL. CONVERSION OF RENTAL HOUSING TO TENANT OWNERSHIP. INITIATIVE STATUTE. Provides no local government shall regulate rent for units first occupied or voluntarily vacated after 1984, or in manner denying fair return. Adds new statute providing procedures for conversion of rental housing to tenant ownership upon participation of tenants representing at least 60% of residential units. Requires tenants be given option of purchasing units at prices set in application, selling this right, or continuing to reside in units under terms of existing rental agreement, rent control ordinances, and this statute. Contains additional requirements and restrictions. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Adoption of this initiative probably would not result in a substantial net change in state and local finances. To the Honorable Secretary of State of California I, the undersigned, registered, qualified voter of California, resident of Orange County, California, hereby propose an amendment to the Civil Code of California, relating to tenant ownership of, and the production of, rental housing, and petition the Secretary of State to submit the same to the voters of California for their adoption or rejection at the next succeeding general election or at any special statewide election prior to that general election or otherwise provided by law. The proposed statutory amendment reads as follows: